In addition to the exclusions and modifications contained in section 512(b) of the Internal Revenue Code, in determining unrelated business taxable income:
(1) There shall be excluded, in the case of any school, college or university, which rents real property to its students or faculty, all rents derived therefrom, providing that such property is actually a part of the school and that the continued presence of the students and faculty thereon is necessary to the educative function of the institution.
(2) There shall be subtracted any amount treated as derived from the conduct of an unrelated trade or business under section 995(g) of the Internal Revenue Code (relating to distributions to DISC tax-exempt shareholders). [1959 c.356 §4; 1979 c.580 §3; 1983 c.162 §43; 1991 c.457 §14a]
Section: Previous 317.705 317.710 317.713 317.715 317.720 317.725 317.845 317.850 317.910 317.920 317.930 317.940 317.950 317.990 317.991 NextLast modified: August 7, 2008